Job seekers encouraged by increased hiring

Massachusetts employers have continued to add jobs at a steady pace, giving people who have given up on finding work the confidence to start looking again.

The participation rate — the percentage of working age Bay State residents with a job or actively looking for work — rose 0.3 percent last month to 66.2 percent, the highest that rate has been since June 2010, the state Labor Department said yesterday.

"What this shows is that people who left the labor force during the recession because they couldn't find work are now returning," said Alan Clayton-Matthews, an economist and professor at Northeastern University. "They're coming back into the labor force because they're being successful (at finding a job), they hear that from their friends."

Economists warn against putting too much stock in one month's data, but said the participation rate, which is a full percentage point above where it was a year ago, is clearly trending in the right direction, even in the face of demographic headwinds.

"We're in a period of time now where baby boomers are starting to retire in massive numbers, and that puts a downward pressure on participation rate," Clayton-Matthews said. "The fact that this participation rate is as high as it was in 2010, that's significant."

The state also said employers added 10,700 jobs last month, and the unemployment rate dropped 0.1 percent to 4.8 percent.

"I think it's a very encouraging report, and suggests we've weathered the storms," said Michael Goodman, executive director of the Public Policy Center at the University of Massachusetts Dartmouth. "This latest report is quite strong."

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Google embraces 'mobile-friendly' sites in search shake-up

SAN FRANCISCO — Google is about to change the way its influential search engine recommends websites on smartphones and tablets in a shift that's expected to sway where millions of people shop, eat and find information.

The revised formula, scheduled to be released Tuesday, will favor websites that Google defines as "mobile-friendly." Websites that don't fit the description will be demoted in Google's search results on smartphones and tablets while those meeting the criteria will be more likely to appear at the top of the rankings — a prized position that can translate into more visitors and money.

Although Google's new formula won't affect searches on desktop and laptop computers, it will have a huge influence on how and where people spend their money, given that more people are relying on their smartphones to compare products in stores and look for restaurants. That's why Google's new rating system is being billed by some search experts as "Mobile-geddon."

"Some sites are going to be in for a big surprise when they find a drastic change in the amount of people visiting them from mobile devices," said Itai Sadan, CEO of website-building service Duda.

It's probably the most significant change that Google Inc. has ever made to its mobile search rankings, according to Matt McGee, editor-in-chief for Search Engine Land, a trade publication that follows every tweak that the company makes to its closely guarded algorithms.

Here are a few things to know about what's happening and why Google is doing it.

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MAKING MOBILE FRIENDS

To stay in Google's good graces, websites must be designed so they load quickly on mobile devices. Content must also be easily accessible by scrolling up and down — without having to also swipe to the left or right. It also helps if all buttons for making purchases or taking other actions on the website can be easily seen and touched on smaller screens.

If a website has been designed only with PC users in mind, the graphics take longer to load on mobile devices and the columns of text don't all fit on the smaller screens, to the aggravation of someone trying to read it.

Google has been urging websites to cater to mobile device for years, mainly because that is where people are increasingly searching for information.

The number of mobile searches in the U.S. is rising by about 5 percent while inquiries on PCs are dipping slightly, according to research firm comScore Inc. In the final three months of last year, 29 percent of all U.S. search requests — about 18.5 billion — were made on mobile devices, comScore estimated. Google processes the bulk of searches — two-thirds in the U.S. and even more in many other countries.

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BRACING FOR CHANGE

To minimize complaints, the company disclosed its plans nearly two months ago. It also created a step-by-step guide (http://bit.ly/1GyC0Id ) and a tool to test compliance with the new standards (http://bit.ly/1EVi9R3 ).

Google has faced uproar over past changes to its search formula. Two of the bigger revisions, done in 2011 and 2012, focused on an attempt to weed out misleading websites and other digital rubbish. Although that goal sounds reasonable, many websites still complained that Google's changes unfairly demoted them in the rankings, making their content more difficult to find.

___

STILL CAUGHT OFF GUARD

While most major merchants and big companies already have websites likely to meet Google's mobile standard, the new formula threatens to hurt millions of small businesses that haven't had the money or incentive to adapt their sites for smartphones.

"A lot of small sites haven't really had a reason to be mobile friendly until now, and it's not going to be easy for them to make the changes," McGee said.

___

BURYING HELPFUL CONTENT

Google's search formula weighs a variety of factors to determine the rankings of its results. One of the most important considerations has always been whether a site contains the most pertinent information sought by a search request.

But new pecking order in Google's mobile search may relegate some sites to the back pages of the search results, even if their content is more relevant to a search request than other sites that happen to be easier to access on smartphones.

That will be an unfortunate consequence, but also justifiable because a person might not even bother to look at sites that take a long time to open or difficult to read on mobile devices, Gartner analyst Whit Andrews said.

"Availability is part of relevancy," Andrews said. "A lot of people aren't going to think something is relevant if they can't get it to appear on their iPhone."

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Boston hires Olympic watchdog

Mayor Martin J. Walsh is bringing on a former Goldman Sachs analyst as the city's financial "fact-checker" of Boston 2024's books and to make sure taxpayer money isn't used in the group's plan to host the 2024 Summer Games.

Sara Myerson, 31, will begin later this month as the $115,000-a-year executive director of the newly created Office of Olympic Planning in City Hall, where her "main job is to make sure we're not using taxpayer dollars to build venues," Walsh said.

"We had a lot of discussions about (finding someone) not connected politically, not connected to 2024, not really connected to what's going on," Walsh told the Herald. "What we were really looking for is financial credentials, someone who knows about putting deals together.

"She is more of a fact-checker, more of an accountability (person) and more about making sure we're moving forward in a positive manner and there's no surprises," the mayor said. "Outside of what's been written about the Olympics — with the ballot initiative, the joinder agreement, the salaries — the biggest concern is the use of taxpayer dollars."

Myerson, who is slated to start April 27, will technically fall under the Boston Redevelopment Authority, but Walsh said she'll report directly to him, with the possibility of adding staff under her "as the Olympic bid grows." He also left open the door to hiring an outside consultant to help review Boston 2024's final bid.

Now chief of staff at the nonprofit Preservation of Affordable Housing, Myerson worked for seven years for the Goldman Sachs Group, analyzing investments and real estate deals of up to $100 million, according to a resume provided by Walsh's office.

Myerson has never worked in state or city government, and she's made just one state political contribution — a $125 donation to Martha Coakley's gubernatorial campaign last year, according to campaign finance records. She has never contributed to Walsh or any other city officials, though her husband gave $100 to City Councilor Josh Zakim's campaign in 2013.

Walsh's aides did not make Myerson, a Cambridge resident, available for an interview yesterday, but said she is expected to move to Boston.

A Boston 2024 spokesman said that group officials "welcome" the new office.

The local opposition group, No Boston Olympics, also applauded the move.

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Breaking even tough to do in Boston market

On the fence about renting or buying a home? A new analysis compares the costs and how long you would have to live in a home to rationalize the upfront expense of buying it.

In the Boston metro area, buying makes more financial sense if you plan to stay put for at least 3.4 years. That's how long it would take to break even — for the cumulative costs of renting the same home to exceed the purchase costs, according to Zillow, a Seattle online real estate database company.

Boston has the fourth longest break-even rate among the top 35 U.S. metro areas, behind Los Angeles, Washington, D.C., and San Diego.

"The break-even horizons are historically very low," said Svenja Gudell, Zillow's senior director of economic research. "The rule of thumb is if you're going to buy a house, stay in it at least five years. A lot of (break-even rates) we're seeing across the country are lower than that."

Of Boston and Cambridge neighborhoods, Roxbury has the shortest break-even rate at one year, compared to 7.2 years in Beacon Hill. In the middle are West Roxbury at 3.7 years and North Cambridge at 4 years.

The current lower break-even rates are driven by home value appreciation rates that, while slowing, are still quite good, and very low mortgage rates and rising rents. Boston area home values appreciated 4 percent in the 12 months ending in February, while rents rose 5.2 percent.

Based on median household incomes and a 30-year fixed mortgage, Boston-area buyers can expect to spend 22 percent of their monthly income on a mortgage. Renters can expect to pay about 34 percent of their income on rent.

"Affordability is quite good on the for-sale side," Gudell said. "It's not looking so good right now for renters."

Home ownership brings a lot of benefits.

"One of the biggest things is being able to collect equity in your house," Gudell said. "It's like a ginormous savings account for you. But it also brings along a lot of responsibility."

Buyers need to determine the monthly payment they can afford for principal, interest, taxes and insurance, said Norwell financial planner Dan Galli, president of the Financial Planning Association of Massachusetts. Keeping those payments to 26 to 28 percent of gross income and keeping total debt to 33 to 34 percent is a good start, he said.

"The challenge is the down-payment and … whether you can get the 20 percent to avoid (private mortgage insurance), or whether you can catch some sort of first-time home buyers program to perhaps let you put a smaller amount down," Galli said.

Dan Walsh, sales manager for William Raveis Real Estate in Boston, advises consulting a qualified mortgage advisor. "A lot of people think if you're buying a $500,000 condo, that they need to put down 20 percent or $100,000," Walsh said. "They might be able to put down 5 percent or less with great credit and still get good rates. And they're also locking in historically low rates, so if they're going to be there for a long time, it's to their advantage."

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Top 3 bond rating agencies give Massachusetts high marks

BOSTON — The nation's top three bond rating agencies are giving Massachusetts a clean bill of fiscal health.

State Treasurer Deb Goldberg said Thursday that Moody's, Standard & Poor's and Fitch have maintained their ratings for the state and affirmed stable economic outlooks ahead of Massachusetts' next competitive bond offering.

The state has held its current rating — one notch below the top possible rating and the highest in state history — since September 2011.

The ratings are largely based on four factors: the state's economy; financial position; debt and financial management; and long-term liabilities.

While Massachusetts has relatively a high level of debt, that's due in part by the heavier role the state takes in the financing of local projects, often handled at the county level in other states.

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Asia shares meander as China GDP data disappoints

TOKYO — European shares rose early Wednesday on expectations that European Central Bank chief Mario Draghi will douse speculation over a possible early exit from the ECB monetary stimulus program that is due to last until September 2016. Shares fell in Asia, however, after China reported its economy grew at a 7.0 percent annual rate in January-March, the slowest pace in six years.

KEEPING SCORE: Britain's FTSE 100 rose 0.4 percent to 7,106.24 and Germany's DAX climbed 0.6 percent to 12,299.74. France's CAC 40 gained 0.7 percent to 5,253.07. Wall Street's outlook for the day was mixed, with S&P futures down 0.03 while Dow futures were trading 0.06 percent higher.

EUROPEAN CENTRAL BANK: Despite glimmers of improvement on Europe's horizon, Draghi, the ECB head is expected to tell reporters the central bank for the 19-country region using the euro will stick with monthly bond purchases meant to raise inflation from an anemic 0.1 percent.

THE QUOTE: "Ahead of European trade, we are looking for mild gains in the major bourses," Stan Shamu, market strategist for IG, said in a commentary. He added that "Mario Draghi could make some positive commentary around signs of improvement in the economy."

CHINA DATA: China's economy cooled further as manufacturing and retail sales slowed in January-March, raising pressure on Beijing to keep the world's second-largest economy on track. Growth fell to 7 percent from the previous quarter's 7.3 percent, the weakest performance since it tumbled to 6.1 percent in the first quarter of 2009.

ASIA'S DAY: Japan's Nikkei 225 stock index fell 0.2 percent to 19,869.76. Hong Kong's Hang Seng recovered from early losses, gaining 0.2 percent to 27,618.82 and South Korea's Kospi gained 0.4 percent to 2,119.96. But the Shanghai composite index yoyo'd to end the day 1.2 percent lower at 4,084.16. In Australia, whose resource sector is vulnerable to fluctuations in Chinese demand, the S&P ASX/200 fell 0.6 percent to 5,908.40. Shares in Taiwan, New Zealand and most of Southeast Asia were also lower.

ENERGY: Benchmark U.S. crude rose 75 cents to $54.04 a barrel in electronic trading on the New York Mercantile Exchange. It rose $1.38 to close at $53.29 a barrel on Tuesday. Brent crude, a benchmark for international oils used by many U.S. refineries, rose 57 cents to $60.38 a barrel in London.

CURRENCIES: The dollar rose to 119.57 yen from 119.45. The euro fell to $1.0575 from $1.0648.

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Nokia confirms acquisition of French telecommunications company Alcatel-Lucent

Photo by: 

The Associated Press

FILE - This Thursday, Jan. 29, 2015 shows the Nokia head offices in Espoo, Finland. Nokia says it is in advanced discussions to acquire the French telecommunications company Alcatel-Lucent. In a brief statement Tuesday, the Helsinki-based mobile technology concern said the two companies are in advanced negotiations "with respect to a potential full combination which would take the form of a public exchange offer by Nokia for Alcatel-Lucent." (Roni Rekomaa/Lehtikuva via AP, File) FINLAND OUT

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Nokia confirms acquisition of French telecommunications company Alcatel-Lucent

Photo by: 

The Associated Press

FILE - This Thursday, Jan. 29, 2015 shows the Nokia head offices in Espoo, Finland. Nokia says it is in advanced discussions to acquire the French telecommunications company Alcatel-Lucent. In a brief statement Tuesday, the Helsinki-based mobile technology concern said the two companies are in advanced negotiations "with respect to a potential full combination which would take the form of a public exchange offer by Nokia for Alcatel-Lucent." (Roni Rekomaa/Lehtikuva via AP, File) FINLAND OUT

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Marchers in Boston seek higher wages

BOSTON — Backers of a drive to hike wages for the nation's lowest paid workers to at least $15 per hour are holding a series of events in Boston.

Several hundred people, including college students, fast-food restaurant employees and other workers gathered for a rally on Tuesday afternoon at Forsyth Park near Northeastern University. Many held signs bearing messages such as "Fight for $15," ''Stop Corporate Greed," and "Jobs for Justice."

The group later planned a march to a McDonald's restaurant in downtown Boston, with several stops scheduled along the route.

Protesters say Boston is serving as a launching ground for nationwide protests on behalf of low-paid workers.

The Massachusetts Legislature approved a law last year raising the state's minimum wage in three steps to a U.S.-leading $11 per hour by 2017.

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Protester interrupts European Central Bank press conference

FRANKFURT, Germany — A female protester has interrupted the European Central Bank's press conference screaming "End ECB dictatorship."

The protester rushed to the stage where ECB President Mario Draghi was delivering opening remarks after the bank's latest policy meeting.

Draghi reappeared on stage a few minutes later and carried on with his remarks.

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Hackers keep trying new targets in search of easy data

SAN FRANCISCO — The health care sector has become the hot target for hackers in recent months, according to researchers at Symantec, a leading cybersecurity company that says it's also seeing big increases in "spear-phishing," ''ransomware" and efforts to exploit newly discovered vulnerabilities in software used by a wide range of industries.

After a wave of high-profile attacks on banks and retailers over the last two years, almost 80 percent of the calls to Symantec's global "incident response" service since December have come from health organizations, said Robert Shaker, a Symantec official who oversees the commercial service.

While usually seeking valuable patient and employee data, hackers who target health organizations may inadvertently disrupt computer systems that oversee medication and other life-saving treatments, Shaker said during a press event Monday.

The health sector's vulnerability to hackers was underscored earlier this year when Anthem, the giant insurance firm, reported a data breach affecting up to 80 million customers. But as each sector strengthens its defenses, Shaker said, hackers move on to new industries that may be vulnerable. He predicted schools and universities may be the next big targets.

Higher education is "another area very similar to health care," where administrators have historically been less focused on computer security, said Shaker. He noted that university computer networks hold a variety of valuable data, including financial records for students and employees, as well as scientific and medical research.

Several universities have already reported large data breaches in recent months, according to reports compiled by the nonprofit Privacy Rights Clearinghouse, which says the University of Maryland, North Dakota University and Butler University in Indianapolis have disclosed that hackers obtained personal identifying information for hundreds of thousands of students.

Symantec Corp. is one of the biggest companies in a growing industry that sells software and expertise for defending against cyberattacks — so it has a vested interest in highlighting security threats. But findings in its annual Internet Security Threat Report, released this week, generally echo observations of other industry experts.

Along with an overall jump in the volume of malicious software, Symantec said it's seeing an increase in software designed specifically to siphon information from smartphones and other mobile gadgets. It also counted a surge in certain kinds of "spear-phishing" attacks, in which hackers send deceptive email or text messages to consumers or company employees, hoping they will click on a link that infects their computers with malware.

In a particularly dramatic trend, Symantec reported almost 9 million incidents of "ransomware" attacks last year, more than double the total from 2013. "Ransomware" programs aim to extort money from computer users through various threats. One typical program displays a message that says child pornography or other illegal material has been found on the user's computer, and demands the user pay a fine to avoid prosecution. But in a trend that has boomed over the last year, Symantec says, hackers also use software that encrypts files on the target computer — making them unusable — and demand payment to de-encrypt them.

Some hackers have added extra code to "ransomware" that remains on a computer and even adapts itself to carry out other tasks, such as siphoning valuable information, said Kevin Haley, Symantec security response director.

Hackers are also increasingly using automated software that spams companies or repeatedly probes their networks for vulnerabilities, which means they can launch multiple attacks with less effort, said author and security expert Marc Goodman, who spoke at the Symantec event.

And even as the Obama administration is urging industry officials to share information about defending against attacks, hackers are sharing knowledge among themselves. Would-be hackers can easily buy malware online and even find instructional videos on public sites that explain how to carry out attacks, said Lillian Ablon, a researcher at the Rand Corp.

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More expensive gas lifts wholesale prices in March

WASHINGTON — Higher gas costs drove up wholesale prices last month, ending a string of four straight declines.

The producer price index increased 0.2 percent in March, after sharp drops in the two previous months, the Labor Department said Tuesday. The index measures prices before they reach the consumer.

Excluding the volatile food and energy categories, core prices also rose 0.2 percent.

In the past year, wholesale prices have plummeted 0.8 percent, the sharpest drop in the four years since the government updated its methods for calculating the index. Cheaper gas caused most of the decline. Core prices have risen 0.8 percent in the past 12 months.

Last month's increase suggests inflation has stabilized and may move slightly higher in the months ahead. The government reports consumer prices Friday.

Federal Reserve officials are closely watching measures of inflation as they consider when they will raise the short-term interest rate they control. That rate has been pinned at zero for more than six years.

Fed officials have said they want to be "reasonably confident" that inflation will move closer to its 2 percent goal before they raise rates. Many economists predict the Fed won't move until September.

Gas prices fell about 60 percent from last June through January, when they reached a six-year low of $2.03. But they moved up since then. Gas prices averaged $2.39 a gallon nationwide Monday, according to AAA. That's five cents cheaper than a month earlier.

The Fed aims for 2 percent inflation to guard against deflation, which can cause a destabilizing drop in prices and wages.

Yet the Fed's preferred measure of inflation has been stuck below 2 percent for nearly three years. Another factor holding down prices has been the strong U.S. dollar, which makes imported goods cheaper.

Some Fed officials pointed to the low inflation readings in their March meeting and argued for delaying the first rate increase until later this year, according to minutes of the meeting, which were released last week. Other officials supported making the first move in June.

After that meeting, the Fed said in a statement that it wanted to see more improvement in the job market and to be confident that inflation would move toward its 2 percent goal before raising rates.

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US retail sales heat up in March as auto-buying accelerates

WASHINGTON — Americans increased their spending on autos, furniture, clothing and building materials in March, which caused overall retail sales to rise for the first time in four months.

Retail sales jumped 0.9 percent last month, after declining 0.5 percent decline in February, the Commerce Department said Tuesday. The rebound suggests that shoppers are returning after an unseasonably cold winter froze sales. Warmer weather fueled a 2.7 percent increase in auto sales and a 2.1 percent boost in building materials, possible signs that the lagging manufacturing and construction sectors might also recover from a winter slump.

Excluding the volatile categories of autos, gas, building materials and restaurants, sales rose 0.3 percent.

Economists say that sales should continue to climb because of the year-long hiring surge and lower gasoline prices.

The unemployment rate has tumbled to 5.5 percent, as the economy has added jobs at a monthly pace of roughly 250,000 during the past year. That amounts to about 3 million new paychecks to be spent at restaurants, clothiers and elsewhere.

At the same time, gas has tumbled to $2.39 a gallon, a $1.30 cheaper than a year ago, according to AAA's Daily Fuel Gauge. That should translate into consumers saving an average of $700 compared to 2014, according to government estimates.

The harsh winter curtailed some of the uplift from both these factors. People curtailed their visits to malls, auto dealers and open houses, which accompanied a slump in the manufacturing and construction sectors.

But the March sales figures point to the underlying strength. Clothing purchases rose 1.2 percent and furniture buying increased 1.4 percent. Restaurant spending has edged up just 0.7 percent in March, but it has jumped 7.7 percent over the past 12 months. Spending declined at electronics stores and gas stations last month, potentially signaling that cheaper prices at the pump are not causing people to drive more miles.

Another seasonal factor may have been at play. Easter was 15 days earlier this year compared to 2014, which might have pulled spending forward.

Still, retail spending remains somewhat subdued. Many Americans have qualms about going on a shopping spree when the wounds from the housing bust and 2008 financial crisis — the most devastating economic downturn in 80 years — are still healing.

In some cases, skeptical consumers are simply awaiting proof that gas prices will stay low. Americans since January have begun to expect inflation to rise, suggesting that doubts remain about whether they will actually enjoy the projected savings, Deutsche Bank economist Joseph LaVorgna wrote recently.

Economists also say that the benefits from cheaper gas accrue slowly over time. As a result, changes in behavior are often seen only after three to six months.

The monthly retail sales report is closely watched because it provides the first indication each month of Americans' willingness to spend. Consumer spending drives 70 percent of the economy. Yet retail sales account for only about one-third of spending, with services such as haircuts and Internet connections making up the other two-thirds.

Overall consumer spending ticked up just 0.1 percent in February, the Commerce Department recently reported.

But this is because many Americans are choosing to save their money. Income growth outpaced that modest increase in spending, rising a solid 0.4 percent in February. Because more Americans were stockpiling their incomes, the savings rate increased to 5.8 percent of after-tax income, the highest level since December 2012.

Other factors may have also influenced March sales. In addition, Easter was 15 days earlier this year compared to 2014, which may have pulled up spending.

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More expensive gas lifts wholesale prices in March

WASHINGTON — Higher gas costs drove up wholesale prices last month, ending a string of four straight declines.

The Labor Department says its producer price index increased 0.2 percent in March, after sharp drops in the two previous months. The index measures prices before they reach the consumer.

Excluding the volatile food and energy categories, core prices also rose 0.2 percent.

In the past year, wholesale prices have plummeted 0.8 percent, the sharpest drop in the four years since the government updated its methods for calculating the index. Cheaper gas caused most of the decline. Core prices have risen 0.8 percent in the past 12 months.

Last month's increase suggests inflation has stabilized and may move slightly higher in the months ahead. The government reports consumer prices Friday.

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Wells Fargo net income falls slightly from a year earlier

NEW YORK — Wells Fargo, the third-biggest U.S. bank by assets, said Tuesday that its first-quarter earnings fell slightly from the same period a year earlier.

Gains from trading and mortgage originations were offset by lower income from other parts of its business, such as seasonally lower card fees and deposit service charges.

Net income after dividends to preferred shareholders fell to $5.5 billion for the January-to-March period, or $1.04 a share, compared with $5.6 billion, or $1.05 a share.

Revenue climbed to $21.3 billion from $20.6 billion a year earlier.

The bank's net interest margin, a closely watched measure of the bank's profitability, fell to 2.95 percent from 3.04 percent in the previous quarter.

The earnings beat analysts' expectations of 98 cents a share. Revenue was in line with estimates of $21.3 billion.

Shares in Wells Fargo fell 63 cents, or 1.2 percent, to $53.96 in pre-market trading. Wells Fargo's stock has been flat this year. The Standard & Poor's 500 index has gained 1.6 percent over the same stretch.

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Stringent reverse mortgage rules near implementation

WASHINGTON — Interested in a reverse mortgage without a lot of hassles? Get your application in now. On April 27, a series of extensive "financial assessment" tests will make applying for a reverse mortgage tougher — much like applying for a standard home mortgage.

Reverse mortgages always have been different — available only to seniors 62 and older who have equity in their homes that they want to convert to cash. There are no repayments required until the borrower sells the house, moves out or dies. Homeowners' main responsibilities are to keep current on local property taxes, pay hazard insurance premiums and keep the place in reasonable condition.

The Federal Housing Administration has for three decades run the dominant insured reverse mortgage program in the country, and it has been relatively easygoing when it comes to underwriting. If you qualified on age and equity, you had a good shot at getting a loan.

But during the recession and mortgage bust years, thousands of borrowers fell into default because they didn't pay required property taxes and hazard insurance premiums. Further, real estate values plunged, producing huge losses on defaulted and foreclosed properties for the FHA. The losses got so severe that the Treasury Department had to provide the FHA with a $1.7 billion bailout in 2013, the first in the agency's history since its creation in the 1930s.

All of which led to the upcoming dramatic changes. Applicants now must demonstrate upfront that they have both the "willingness" and the "capacity" to meet their obligations. Lenders are going to pull borrowers' credit reports, just as they do with other mortgages.

Applicants will need to show that they paid their real estate taxes, homeowner association fees and other property-related charges on time for at least the past 24 months. They will be asked to produce documentation of their employment status, income and financial assets, as well as undergo a "residual income" analysis that examines all their monthly expenses and cash flow.

Inadequate marks on these tests may require borrowers to create a "life expectancy set aside" — essentially a reserve account or escrow funded wholly or in part from their loan proceeds. For some borrowers, the set-asides may be so substantial they'll be left with minimal cash at closing, making the entire reverse mortgage process a waste of time.

All of which, say reverse mortgage industry experts, will exclude potentially thousands of senior homeowners from obtaining a reverse mortgage, especially those who are on the margins economically and need the cash to help pay for ongoing household expenses.

Reza Jahangiri, CEO of Orange, Calif.-based American Advisors Group, the highest-volume reverse mortgage lender, said his company expects a decline in loan activity by "8 to 10 percent" after the assessment rules take effect. He also expects a shift toward "mainstream" borrowers who seek to use a reverse mortgage as part of their overall retirement planning, including raising money to buy a new house or to establish a flexible line of credit they can draw from. Many seniors currently can't qualify for bank home-equity credit lines, he said, but with adequate credit, income and assets, can qualify for a reverse mortgage in the form of a credit line.

Maggie O'Connell, who originates FHA-insured reverse mortgages for The Federal Savings Bank from offices in Reno, Nev., and Danville, Calif., said she's been scrambling "to get people in before the deadline" who might encounter difficulty — or be turned off by all the required documentation — under the new rules. Though she may do fewer loans in the short term, she said, in the long term the tougher rules "are probably a good thing" because they will prevent weak borrowers from taking out loans they can't handle and that will eventually end up in default, "which is bad for them and bad for us."

Bottom line: Tougher credit standards have come to reverse mortgages — finally. Before applying, be aware of the types of documentation you'll need. And when you talk with a lender or financial counselor about a reverse loan, make sure you involve the entire family, so everybody knows what you are getting into.

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IFF Panama: Central America on the right track for growth

PANAMA - As the leaders of the Americas, including U.S. President Barack Obama, meet in Panama City for the seventh Summit of the Americas, they will be all too aware that it is the economies of Central America that are leading growth in the region. And, according to a report published on Tuesday (April 7) by the United Nation's Economic Commission for Latin America and the Caribbean, Central America will continue to lead the way in 2015 with Panama, with an expected 6 % increase in GDP over the coming year, at the forefront.

Central America, which consists of seven countries (Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama), is also on the right track for growth in its theatrical movie market, according to Luis Vargas, Managing director of Rentrak for Mexico, Caribbean, Central America, Colombia and Venezuela.

"Central America is a region that you can consider as one country, one big country," Vargas explains. "It is a region that is growing very, very fast because of the amount of cinemas being developed. In the past three-or-four years the percentage increase in new cinemas has been at least 5% per year. A very good number, especially if you consider this compared to other regions of the world. It tells you that as an economy, it is a region that has potential for the future due to investment and the possibilities in this market."

The region, which is estimated to have a combined population of around 43 million, 3.6 million of which are in Panama, is also undergoing consolidation and modernization with old theatres making way for new, and many existing screens being digitalized and fitted with better, more modern and comfortable seats. All these elements have helped the growth of admissions and grosses.

In 2014, according to Rentrak, Central American cinemas grossed $107,184,606, up from $ 104,553,755 in 2013 and $ 94,814,293 in 2012: Growth of about 13% in two years.

There were 93 performing theatres in all of Central America in 2012, and 96 in 2013 and 2014, but, as Vargas explains: "In 2014 a lot of the existing cinemas were modernized. In 2015 we are expecting several new cinemas to be opened and less cinemas to be closed. For example, this number of 96 would suggest that no cinemas opened in the entire region, however, this number is the final total after taking into consideration the older cinemas that were closed."

In screen terms, the region has seen an increase from 489 in 2012 to 503 in 2013, and 507 in 2014. Again these are final numbers after taking in to account the closing of older screens and the opening of more modern, digitalized screens.

"Now that the digitalization is much more advanced, also by the independent exhibitors, we will see a decrease in the number of cinemas that are being closed due to economic factors, and more cinemas will be opened", Vargas adds. "We are expecting at least two new cinemas in Panama, and both are to be high end multiplex cinemas."

Across Central America in 2014 the highest grossing movies were all studio blockbusters. In order they were "Transformers: Age of Extinction," "Rio 2," "Maleficent," "The Amazing Spider-Man 2," "Captain America: The Winter Solider," "The Hunger Games: Mocking Jay - Part 1," "X Men: Days of Future Past," "The Hobbit: The Battle of Five Armies," "How to Train Your Dragon 2," and "Guardians of the Galaxy."

In Panama, the top ten for 2014 were "Transformers: Age of Extinction," "Rio 2," "Maleficent," "X Men: Days of Future Past," "Captain America: The Winter Solider," "The Amazing Spider-Man 2," "The Teenage Mutant Ninja Turtles," "Dawn of the Planet of the Apes," "The Hunger Games: Mocking Jay - Part 1," and "Annabelle."

Locally made films, however, have started to make an impact on the commercial cinema circuit in Central America, most notably Miguel Gómez's "Maikol Yordan" ("Maikol Yordan de Viaje Perdido"), an adventure, drama from Costa Rica that will open in Panama on May 14 following its international premiere at IFF Panama on April 13.

In Costa Rica. the film grossed $1,080,511 in 2014, and now has an accumulated gross of $3,528,104 since its Dec. 18 bow.

In Panama four local productions made their mark commercially in 2014. They included "Invasion" ("Invasión"), the country's first Oscar submission for the foreign-language category, "Historias del Canal", "Breaking the Wave" ("Rompiendo la ola") and "Reinas." All of which have played the IFF Panama.

The films, according to the Panama Film Commission, are just four of 13 features to be produced in Panama since 2012, and that compares with just three local productions completed between 2007 and 2012 and two between 2001 and 2007.

Vargas believes one solution for the growth of the local Central American film industry will be for governments to invest in art house cinemas.

"Gvernments should create alternative spaces of exhibition that are focused to exhibit product where the main goal is not to make money, but to promote art, or to promote a message," argues Vargas. "Otherwise, lower-budget films will be lost in the huge space of exhibition, and create unnecessary frustration for their producers.

"Why does a movie have to be exhibited on a commercial circuit?" he asks. "I believe that the only countries that have supported this type of circuit are Mexico, Brazil and Argentina. Mexico has one of the highest capacities when it comes to these alternative exhibition spaces that are controlled by the government and that give low-budget films a space in which to be exhibited. We have to understand that the filmmakers can't do this on their own. It has to be a synergy, like team work, and the key people in the local film industry must ask their governments for the money for new cinemas, for the spaces in which to see their own local product."

The heads of those governments have all been meeting in Panama this weekend where the theme of their Summit of the Americas has been "Prosperity with Equity: The Challenge of Cooperation in the Americas," a theme and a challenge that is equally on the minds of filmmakers across Central and South America as they look at ways to share screen time with the Hollywood blockbusters that remain popular with the growing theatrical audiences across the region.

© 2015 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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Tax Day extra difficult for many same-sex married couples

WASHINGTON — A necessary burden for most Americans, Tax Day is an accounting nightmare for thousands of gay and lesbian couples as they wrestle with the uneven legal status of same-sex marriage in the United States.

They live in a country that recognizes their marriages, but some reside in the 13 states that do not, an issue that will be argued before the Supreme Court later this month.

At tax time, and Wednesday is the filing deadline, it gets complicated because most state income tax returns use information from a taxpayer's federal return.

Straight couples simply copy numbers from one form to another. But that doesn't work for same-sex couples reporting combined incomes, deductions and exemptions on their federal tax returns. These couples must untangle their finances on their state returns, where they are still considered single.

"We're adults, we're contributing to the welfare of society and yet, here's this one thing that just reaches up every year and kind of slaps us in the face," said Brian Wilbert, an Episcopal priest who lives in Oberlin, a small college town in northern Ohio.

Wilbert married his husband, Yorki Encalada, in 2012, at a ceremony in upstate New York. He is filing a joint federal tax return for the second time this year. But Ohio, which doesn't recognize same-sex marriages, requires the couple to file their state tax returns as if they were single.

"It may not be the most burning thing," Wilbert said. "But as we think about equality and marriage equality, this is an important thing because it's part of what couples do."

The number of states that recognize same-sex marriages has grown to 37, plus the District of Columbia, since the Supreme Court struck down part of the federal Defense of Marriage Act in 2013.

After the ruling, the IRS announced that it would recognize same-sex marriages for federal tax purposes, even if couples lived in states that did not.

The Supreme Court is scheduled hear arguments in another same-sex marriage case April 28. Advocates hope the court will compel the remaining states to recognize gay and lesbian marriages.

Opponents of same-sex marriage want the court to send the issue back to the states. They note that recognition of same-sex marriage has spread largely through court orders, rather than the ballot box.

"It's not about the rights of a handful of people who want to change the institution of marriage," said Phil Burress of Citizens for Community Values, an Ohio group. "It's about the will of the people."

The benefits of marriage are a mixed bag when it comes to taxes. Some couples, especially those with disparate incomes, can lower their combined tax bills by getting married. Others pay a marriage penalty.

The vast majority of married couples in the U.S. file joint federal tax returns in which they combine their incomes, exemptions, deductions and credits to calculate their tax liability. But same-sex couples are not allowed to file joint tax returns in most states that don't recognize their marriages. Instead, they have to unravel their finances and file separate state returns.

"So you have this one return that would normally give you the numbers to do your state tax return, but instead you have to split all your incomes again and pretend like you're not married," said Deb L. Kinney, a partner at the law firm of Johnston, Kinney & Zulaica in San Francisco.

"Your health care benefits will be taxed differently and your credits will be different. Your interest deduction could be different, and then you have to go through the allocation on each return," Kinney said. "It's much more expensive and cumbersome."

With the tax filing deadline approaching on Wednesday, states that don't recognize same-sex marriages are dealing with these issues in different ways. Five states require same-sex couples to fill out multiple federal tax returns, sometimes called dummy returns, so they can come up with the appropriate numbers for their state returns. This is how it works in Georgia, Kentucky, Louisiana, Michigan and Nebraska.

First, a same-sex couple fills out a joint federal income tax return, just like any other married couple. This is the return they file with the IRS.

Next, each spouse fills out a separate federal return as if the filer was single. Information from these returns is used to fill out state income tax returns, which are filed as if each was single.

"You have to literally make out five returns and file three," said Scott Squillace, a tax lawyer who wrote a legal guide for gay and lesbian couples called, "Whether To Wed."

"It's dizzying."

There's more.

"If someone with a joint bank account writes a check for a charitable donation, the question is, do you split it 50-50? Or is it that person's deduction when they file a single return?" said Arianne Plasencia, a tax lawyer at the Carlton Fields law firm in Miami.

Kansas, North Dakota and Ohio take a different approach. These states provide worksheets that same-sex couples must complete to separate their finances. In Ohio, the form has 31 lines, though most couples don't need to fill out every line.

"There is no way that I, as a Joe Q. Public, who happens to be gay and in a same-gender marriage, would figure out how to fill this form out," said Wilbert, the Episcopal priest. "I mean, it's just impossible."

Wilbert said he had to hire an accountant to do his taxes for the first time in his life. "I also had to get an extension, which I never had to do."

The issue is moot in South Dakota because there is no state income tax. It's less of an issue in Arkansas and Mississippi because these states don't use information from federal returns on their state income tax forms.

Alabama has same-sex married couples divide the income and taxes they report on their federal returns, based on each spouses' share of their combined income.

Missouri doesn't recognize same-sex marriages, but Gov. Jay Nixon issued an executive order requiring gay and lesbian couples to file joint state tax returns if they file a joint federal return.

This is much simpler than in other states. But what if filing as a married couple causes your taxes to go up?

"For the people it hurts, how unfair," said Janis Cowhey, a law partner at the Marcum accounting firm in New York. "You won't recognize my marriage, but you're going to make me pay more in taxes because I got married somewhere else."

___

Follow Stephen Ohlemacher on Twitter: http://twitter.com/stephenatap

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'Kids can smell fake': 5 insights from marketing pros at the massive summit

The room was buzzing with talk of data mining, viral campaigns and brand trust at Variety's Massive Entertainment Marketing Summit at the Beverly Hills Four Seasons on Friday, which brought together industry experts to weigh in the challenges and payoffs of digital marketing, among other topics. Marketing experts agreed that authenticity is the key for younger consumers. Here's a few other insights from the summit:

1. Kids can smell fake

Scott Birnbaum, Senior VP of marketing and e-commerce at Aeropostale, shared the story of launching a clothing line with YouTube star and social influencer Bethany Mota. At one point the campaign released photos of Mota that, to her fans, looked over-doctored and caused outrage on social media. "I even got a phone call from my daughter who was supposedly in school saying 'What did you do to Bethany?,'" Birnbaum recalled. Using this anecdote, Birnbaum emphasized the mantra that kids can smell fake. "Eventually, a single tweet that said 'Hey, we think Beth is beautiful too. It was a mistake. It's going to be fixed in 20 minutes,' made everything calm down," he said.

Moderator Jeetendr Sehdev, a celebrity branding authority, read from a study commissioned by Variety that found U.S. teens view YouTube stars to be 90 percent more authentic than traditional celebrities, 17 times more engaging and 11 times more extraordinary.

Mota, who was also on the panel, said that her philosophy relies on honesty and brand trust. "I will never talk about something or promote something that I don't actually use and that I don't care about because with the relationship being so strong between the creators and viewers, they can see when you don't truly like something. As long as you're honest and truthful then that's what builds that relationship. And the stronger that is, the more they're going to listen to what you say," she said.

2. Focus on the content, not the demographic

In a spotlight conversation with Movio CEO Will Palmer about how theaters and studios use data to target audiences, Palmer suggested gender and demographic info may be an old fashioned way of approaching an audience -- "assuming that somebody, the day they turn 36, is no longer going to be interested in 'The Avengers.' These films cross all quadrants and cross all segments. So sometimes you have to ignore the demographic information and start looking at the comparable titles. If you focus more on the content and less on the demographic, you'll likely get a better result," he said.

3. Help consumers discover what they want without being intrusive

Hulu's head of marketing, Jenny Wall and Facebook's global head of entertainment strategy Jim Underwood discussed the potential hazards of data mining and targeted advertising. Wall pointed out that consumers want to feel like they're discovering new things, but they need help because there is so much available. In order to give people what they want without creeping them out, Hulu uses a combination of algorithms and staff-curated lists. Wall also said when Hulu advertises on Facebook, the combined data is extremely valuable. "Facebook data mixed with Hulu data is the most amazing goldmine of data possible. And it actually is not really intrusive because they don't really understand, I think, that we're doing that... We have a thousand ads, and in real time we're quickly optimizing and shifting to serve the right ad and the personalized ad to the right person."

4. Embrace fan-generated content

Sima Sistani, head of media at Tumblr, explained her thoughts on how content producers can improve their digital presence, saying that fans will create opportunities. "You have fandoms out there who are taking the best moments from a movie or show and creating episode recaps or pulling out the best moments into gifs and even creating fan fiction and fan art," she explained. "One of my favorite things that I saw was the bacon and eggs version of the characters of 'Parks and Recreation.' If the 'Parks and Rec' Tumblr re-blogs that, it's so meaningful and that fan is just going to get more engaged and more excited."

5. Fail, fail fast and move on

Jill Hotchkiss, VP of marketing and creative at Disney XD shared the mantra "fail, fail fast and move on" which she uses when brainstorming ways to connect with a younger demographic. "You have got to try new and try different," she said. "We need to figure out how to be a kids space and do it in a different way when there are a lot of restrictions for us."

Caty Burgess, VP of media strategies at the CW, used an example of how her network has tried as many avenues as possible in order to be on the cutting edge of marketing. "Our first mobile campaign was little sticker mirrors you could put on the back of your cellphone for 'Gossip Girl.'"

The research team at a network is largely responsible for determining what will work, but beyond that there is still plenty of uncertainty when pitching a new idea, explained Jamie Cutburth, senior VP of marketing at Bravo and Oxygen. "That 50 percent of the unproven part is the culture and it is the risk-taking," he said. "It's very difficult because you're going to make sure that it hits every button or it's not going to move forward. But that's why we're able to do a lot of great stuff."

© 2015 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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Mip TV: Drama dynamizes 2015 market

CANNES - Two big "Ds" - Dramas, Digital - look set to galvanize much Croisette business, as well as multiple conference panels, at next week's Cannes Mip TV, which catches part of the international TV business in the full flush of evolution, convulsed by ramping consolidation - Mip TV will be the first market for new joint venture Endemol Shine Group, for instance - and the ever-clearer emergence of international drama as a serious alternative to US fare.

As the number of high-end drama escalates, competition for top-notch show-runners - mostly based out of the U.S. will become all the more bitter.

Last Wednesday, Amazon Studios aconfirmed Diego Luna to play the lead in its untitled Casanova period drama, exec produced by Electus Ent.'s Ben Silverman and Stu Zicherman. Expect further high-end drama announcements - of epics and event dramas - or first-look talent deals at 2015's Mip TV.

Traditionally, May' L.A. Screenings, and October's Mipcom TV mart, have proved the biggest launchpads for new high-profile dramas. No more. Now Mip-TV looks to have joined the club, as the market launches a Drama at Mip TV forum and a veritable mini tsunami of high-end fiction is set to sweep the Croisette. Just some examples:

*One of the most active of Hollywood studios at Cannes, Twentieth Century Fox TV Distribution's will continue to roll out sales on "Empire," boosted by phenom first season ratings, the best for any regular broadcast drama since 2008, as well as the rave-reviewed "The Last Man on Earth."

*Warner Bros. Worldwide TV Distribution, will be pushing super-hero drama" The Flash," and DC Comics super-villains and vigilantes origin story "Gotham," picked up for SVOD by Netflix.

* With free-to-air broadcasters still seeking semi autonomous episode drama, CBS Studios Intl. will be shopping Patricia Arquette starrer "CSI: Cyber" and sci-fi thriller "Zoo," based on James Patterson's bestseller.

*In Europe, film-TV powerhouse Studiocanal bows its first-ever TV sales operation at Mip TV, led by two Canal Plus Original Series, the Tandem-produced "Spotless," now a Canal Plus hit, and futuristic "Section Zero," from Luc Besson's EuropaCorp, plus Tandem's "Crossing Lines 3," and Harlan Coben's "The Five" from Red Production Company.

*Flagship dramas at Endemol Shine Group include ITV series "The Frankenstein Chronicles," with Sean Bean, and AMC/Channel 4's "Humans" (pictured), an around mid-year bow which is "a relationship story with strong thriller elements" set in a world where robots, called synthetics, have developed human emotions, said Endemol Shine Intl. CEO Cathy Payne.

* At Mip TV, ITV Studios Global Ent. will hold a World Premiere Screening of "Texas Rising," co-produced with A + E, and talk up a rebooted "Poldark," and David Duchovny U.S. crime drama "Aquarius," set for NBC.

*From Germany, ZDF will be pushing pan-European crime thriller "The Team," starring Lars Mikkelsen ("The Killing"), Beta "Line of Separation," set in a Cold War-wracked Germany, and Tele München Group Dominic Graf's "Blender," based on a narcotics cop scandal.

The highest profile Mip TV 2015 keynote speakers look like "Modern Family" co-creator Steven Levitan and Sky group chief exec Jeremy Darroch, who will set out his vision for the push by a pan-European Sky, with now integrated pay TV operations in the U.S., Italy and Germany, into high-end drama.

And one of this year's large highlights will be Mip TV's Intl. Drama Screenings, which range from Starz Worldwide Distribution's ballet drama "Flesh & Bone" to "Follow the Money," from Danish pubcaster DR Fiction, "Deadline: Gallipoli," airing in Australia's Foxtel, and "Versailles," a flagship English-language series at France's Canal Plus.

"Great stories have no homeland," says a The Wit Mip TV study, "5 Drama Trends For 2015," citing the fact that the most-adapted scripted formats in 2014 came from Spain.

Of top fiction formats, CW's hour-long comedy "Jane the Virgin," its first Golden Globe nomination, is now in negotiations with a big German broadcaster. Exec producer Ben Silverman originally sourced it from Venezuela.

Reflecting the spread of series in partners, languages, shoots, setting, beyond its first five English-language skeins Federation Ent. is producing the "Boss"-style "Marseilles" for Netflix and espionage thriller "The Bureau" for Canal Plus, both in French, and co-producing hospital-set "The Replacements" in Finnish and season 2 of "Hostages," a Hebrew-language series, with Israel, Federation Ent.'s Breton said.

For Garaude: "We're continuing to notice a growing notion of market opportunities coming from all around the world. Drama production is thoroughly international and becoming more and more so every year."

For the world's biggest content suppliers, Mip TV remains a multi-purpose mart. "The L.A. Screenings very much focus on new TV series, "At Mip TV, we typically talk to everyone about everything, and what we discuss just depends on the relationship we happen to have with each client that we're meeting with. Conversations may turn on film, series or library content, depending on clients," said Gina Brogi, EVP, Worldwide Pay Television & SVOD, Twentieth Century Fox Television Distribution.

But such, indeed, is the current dynamism of the drama sector, that one large question is where it leaves much else of the TV business.

In the non-fiction format sector, everybody's waiting for The Next Big Thing. "One big hit changes the way the whole market works. When I began my career, I was told that music was dead in primetime, yet you'd be hard pressed to say that now, with 'Idol,' 'The Voice,' and 'Popstars' in major roles in many territories," said Rob Clark, director of global entertainment, FremantleMedia. At Mip TV, FremantleMedia presents new BBC quiz show "Beat the Brain," "10 Questions You Wouldn't Ask On a First Date," and RTL 1 hit "The Most Beautiful Woman," a beauty contest for women of different ages and backgrounds which is "very engaging, about inspirational stories, female empowerment, with potential to be a long-running franchise for a broadcaster," Clark commented.

Endemol Shine Group will be selling talent show format "The Brain," from Endemol Shine Germany, a breakout hit in China, Spain, Italy, Brazil and France, plus human darts challenge "Bullseye," from Endemol Shine North America, which went straight to series at Fox. It will also be talking up "Junior Masterchef," which is now in over 20 territories as well, said Lisa Perrin, MD, Creative Networks, Endemol Shine Group.

Several "important new formats" will be announced during Mip TV, anticipated Garaude. New formats' challenge, said The Wit's Bertrand Villegas, is that the super-formats are not fading fast enough to allow new formats through.

Quite the contrary at times, as Endemol Shine's Perrin points out: Series 11 of "Masterchef" in the U.K. has launched to best-ever ratings; "Masterchef" has hit a 43% peak share in Argentina. In the last five years, there have only been four days in the world where "Big Brother," which is nearly 17 years old, has not been playing, by one estimate at least.

Some producers criticize TV channels' risk aversion. But, said Villegas, "broadcasters are not in the business of innovation but rather airing successful shows."

The problem is many producers wanting to sell their product but broadcasters not having so many slots. There are also semi-Big Things, such as kids' talent shows like Televisa's "Little Giants," re-versioned in Spain, he added.

For Endemol Shine Group's Perrin, "Regarding the Next Big Thing, I feel it's just around the corner, and I'm hoping it's going to come, but it's not there yet."

Digital is there, in contrast, and now shaping the TV landscape, as Mip TV reflects. The MIP Digital Fronts co presence is powering up, with a blockbuster line-up of 15 Digital Fronts partners and showcases, a large rise on 2014, said Garaude. One example: as Chinese appetite for entertainment formats ramps up, one top Mip Formats keynote speaker on Saturday was Yang Weidong, SVP Youku Todou, China's leading online TV co, which has bought "Big Brother" and "The Voice."

Fresh off a $50 million investment from venture capital company Andreessen Horowitz and the creation last August of BuzzFeed Motion Pictures, which he heads up as president, BuzzFeed's Ze Frank will deliver the Digital Fronts keynote along with producer Michael Shamberg ("Django Unchained," "Erin Brokovich").

Other Digital Fronts speakers include Chad Gudstein, CEO of Machinima, the vidgame/fandom-themed digital co, teen YouTube destination channel Awesomeness TV's founder/CEO Brian Robbins, and Andrew Creighton, prexy of print/online publisher Vice Media.

A pumped-up Mip Digital Fronts kick off Tuesday afternoon. For most of Mip TV, however, it is drama that will be making the running. The high-end drama boom is, moreover, no passing fad.

Explaining the ramp-up of serialized drama, "The main key element is the media-technology landscape: Companies -Netflix, Amazon - leveraging premium content to differentiate their offer," said Electus Ent. founder-CEO Ben Silverman, who receives a Mip TV Medaille d'Honneur next Wednesday.

More European telecom giants will enter the TV fiction space, as serialized drama works especially well in an age of view anytime, anywhere, predicted Martin Moszkowicz at Germany's Constantin Film, which rolls this May on English-language "Shadowhunters," based on Cassandra Clares' YA book series, with writer/exec producer Ed Decter ("Unforgettable," "In Plain Sight").

The ramp-up has two large consequences. "The benchmark for drama has gone up. Competition is fierce and you need an attractive package. There's a cost to that. So broadcasters are looking to co-produce, so as to get a bigger budget," said Endemol Shine's Payne.

"Co-production is progressing enormously, becoming more and more important and successful," Garaude added. One 2015 Mip TV centerpiece is Tuesday's Intl. Drama Co-Production Summit; this weekend's Mip Doc featured, for the first time, a European Broadcasters Union Co-production breakfast.

And, currently, high-end drama is one place to be. For Twentieth Century Fox's Brogi: "One of the great things about competition for dramas in the market place right now is that there's something that works for everyone: It's just a matter of finding the right outlet for each piece of content that we make. There is increased demand and it's a great business to be in."

Elsa Keslassy and Leo Barraclough contributed to this report

© 2015 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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State’s first medical pot dispensary on pace in Salem

Massachusetts' first medical marijuana dispensary is expected to start selling cannabis in a few months, with another on track to begin this fall.

Alternative Therapies expects to open in Salem in early summer, according to its website, after becoming the first dispensary to receive final state Department of Public Health certification in December that allowed it to start growing medical marijuana in Amesbury. It will start scheduling appointments for DPH-registered patients and caregivers through its website once it determines an opening date.

"A variety of strains of medical-grade cannabis grown with organic methods will be offered, initially in bud form only," the company's website states. "Over time, we intend to expand our product line to include more strains and ... marijuana-infused products such as tinctures, baked goods, topical creams, salves and vaporizer pens."

The DPH last week also gave New England Treatment Access the go-ahead to start growing cannabis at its 60,000-square-foot Franklin facility, and approval for its Northampton dispensary. Approval is pending for its Brookline dispensary.

"They're in the cultivation process," spokeswoman Dot Joyce said. "It takes at least five to six months to have treatments available, and we're expecting to be able to serve qualifying patients this fall."

Dispensaries will set their own prices based on region, demand and other factors, according to Kevin Gilnack, executive director of the Commonwealth Dispensary Association, a trade group.

"Every dispensary will offer a hardship program for patients who are low-income," he said.

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Sprint-RadioShack stores launched across Bay State

Forty Massachusetts 
RadioShacks — including locations in Boston, Dorchester, Mattapan, East Boston and Cambridge — were among 1,435 nationwide that relaunched yesterday as co-branded Sprint-RadioShack stores.

The move more than doubles the footprint of the mobile carrier, which will occupy about a third of each store to sell devices and services from Sprint, Boost Mobile and Virgin Mobile under a "store-within-a-store" model.

RadioShack products will continue to be sold in the stores.

Sprint made the deal with Standard General affiliate General Wireless Inc., which last week bought 1,743 stores from RadioShack after the 94-year-old, Boston-born consumer electronics chain filed for bankruptcy protection in February.

"This important partnership with Sprint has enabled RadioShack to continue to provide a trusted destination for our millions of loyal consumers," RadioShack CEO Ron Garriques said in a statement.

Temporary Sprint-RadioShack signage eventually will be replaced, and Sprint will build out the store-within-a-store concept in the next several months.

Sprint said it plans to hire about 100 workers for the Massachusetts stores.

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Car Smart: Off-road combines with luxury

The Land Rover Discovery's boxy and utilitarian appearance of the 1990s has evolved into a sleek and versatile compact SUV, but despite its refined metamorphosis, the 2015 Discovery Sport still packs enough off-road capability to handle just about any New England driving condition.

The Discovery Sport's exterior blends a clamshell nose and a streamlined profile with a rugged stance emphasized by a generous amount of fender clearance over 19-inch wheels. My tester was painted in metallic gray with brightly polished stainless steel front and rear shields that protect the Land Rover's underside.

The Discovery Sport is offered in three trim levels. The well-equipped base level SE starts at $37,000, while the $41,570 HSE model that I tested features a panoramic roof, full leather seats and a power tailgate. The top-shelf HSE Lux at $45,570 adds premium leather, an 11-speaker sound system and adjustable mood lighting.

The Discovery Sport shares the same 2.0-liter turbocharged engine as Land Rover's smaller Evoque subcompact SUV that I reviewed late last year. The four-cylinder engine mated to a nine-speed automatic transmission churns out 240 horsepower and 250 pound-feet of torque. Steering-wheel mounted paddles allowed for manual shifting. My tester did 20 mpg in the city, and 26 on the highway.

Despite occasional turbo lag that resulted in delayed acceleration from a dead start, the Discovery Sport was easy and responsive to drive.

Tightly spaced gear ratios from the nine-speed transmission provided smooth overall acceleration and seamless downshifts. It was agile through the corners thanks in part to an all-new multilink rear axle and electronic power-assisted steering.

As expected, the Land Rover was remarkably quiet on the highway. The Discovery Sport can be switched from two-wheel to four-wheel-drive with the touch of a button on the center console. Additionally, Land Rover's Terrain Response system allows drivers to select four-wheel-drive modes to tailor the Discovery Sport's response to various conditions.

The Discovery Sport's well designed interior maximized space with ample visibility. Power adjustable front seats and a telescopic steering wheel made it easy to dial in a comfortable driving position. Second-row seats that comfortably fit three adults with ample head- and footroom were set two inches higher than the front to create a stadium-like view from the backseats. A third-row seating option boosts the Land Rover's passenger capacity to seven.

A push-button start, rotary knob transmission shifter and an electronic parking brake highlight the Discovery Sport's dashboard. Large buttons surrounding an 8-inch touchscreen help to reduce drilling down through multiple menus to access navigation, pair cellphones and tune the radio.

While the Discovery Sport yields to the competition when comparing performance and fuel economy, the Land Rover certainly compensates with outstanding all-terrain capability and overall luxury. Other compact luxury SUVs to consider are the Audi Q5, BMW X3 or Mercedes-Benz GLK.

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The Ticker

No-tipping shops can keep money

The state Supreme Judicial Court says shop owners can keep tips left for workers if their businesses have policies against tipping. The SJC ruled yesterday that where a no-tipping policy has been clearly communicated to customers, any money left behind as a tip can be kept by the owner or put in a cup of abandoned change for other customers.

The ruling came in a case brought by current and former employees of a Dunkin' Donuts franchisee.

The court also ruled if an employer hasn't communicated a no-tipping policy then tips left by customers belong to the workers who served them.

No long lines 
for Apple watch

An online rush replaced the traditional overnight queues outside Apple stores yesterday as the iconic tech company began taking orders and letting shoppers get their hands on its much-anticipated smartwatch for the first time.

Eager customers placed online orders for the Apple Watch as soon as Apple's website began accepting them. Within half an hour, the company appeared to sell out the initial batch of watches that were available for the first official day of shipping on April 24.

• The Dudley Street Neighborhood Initiative has hired Juan Leyton as executive director. Leyton has worked extensively in the field of community economic development and community-building. Most recently, he worked as a consultant with the Local Enterprise Assistance Fund and some of Boston's leading nonprofits like Sociedad Latino, Family Independence Initiative and the Greater Boston Latino Network. He has also previously served as executive director for CityLife/Vida Urbana and Neighbor to Neighbor Massachusetts.

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MCCA sticks to expansion plan

The Massachusetts Convention Center Authority is pushing ahead with plans for the expansion of its South Boston exhibition center even as the governor has put the brakes on $1 billion in bonding needed for the project and its champion, authority head James Rooney, is taking a new job.

The Boston Convention & Exhibition Center expansion committee yesterday voted to designate the architectural team of Brooks + Scarpa of Los Angeles and Spalding Tougias of Boston as its preliminary choice to design two garages on E and D streets.

The garages, with a combined 1,500 spaces, would replace parking that will be lost to the expansion project. The MCCA will now negotiate a contract with the architectural firms.

The move comes as Gov. Charlie Baker's administration continues to review the financing of the BCEC expansion after the bonding was put on hold soon after the governor took office.

Rooney, the executive director of the MCCA who has pushed hard for the expansion, is taking over the Greater Boston Chamber of Commerce on July 1, but said yesterday he remains confident the BCEC project will go forward without him at the helm.

"I don't think this is about me. I think that the vision, the program, the economic development opportunities are much bigger than one person," Rooney said. "There's a very strong team of people here that have contributed to the success of the operation."

But Rooney also is looking ahead to his new job, saying he plans to reach out to startups and tech companies to integrate them into the chamber, and may even do away with its signature breakfast networking events.

The breakfasts are a Boston business institution, but may not be as welcoming to a new generation of business leaders, he said.

"These breakfasts and other things the chamber does that might have been part of the success strategy for the past 25 years, I think we need to take a fresh look at those," said Rooney. "Is this the kind of thing that millennials want when they think about networking and socialization?"

Under retiring CEO Paul Guzzi, the chamber has started to become more active in the high-tech community, and Rooney said he will focus on continuing to expand the diversity of the chamber's membership.

"Certainly understanding how the so-called new economy and the technology, innovation-based industries affect what we define as commerce in Boston will be a focus area," he said.

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GE pares off financial unit and returns to industrial roots

General Electric is getting out of the lending business, a major profit generator, as it focuses more on its industrial business and sheds a massive financial unit that had its own set of risks.

The company will buy back as much as $50 billion of its own stock, sending shares up more than 9 percent before the opening bell Friday and toward a new high for the year.

In addition to the sale of GE Capital, the company will sell most of its GE Capital Real Estate to funds managed by Blackstone, and Wells Fargo will buy a portion of the performing loans at closing. The company also plans to sell additional commercial real estate assets that will bring the total value of the deal to around $26.5 billion.

The company said market conditions were favorable to sell most GE Capital over the next two years. The extended run of low-interest rates has made the sale of a huge asset like this more feasible.

The financial division generates almost half of the company's profit, but is also is a huge regulatory burden and has caused some anxiety for investors.

"The business model for large, wholesale-funded financial companies has changed, making it increasingly difficult to generate acceptable returns going forward," GE said.

GE is already in talks with regulators about removing its tag as a "Systemically Important Financial Institution," which comes with a myriad of requirements not asked of an almost purely industrial entity.

"This is a major step in our strategy to focus GE around its competitive advantages," Chairman and CEO Jeff Immelt said. 

The Fairfield, Connecticut, company will keep parts of its financing business related to its industrial operations, like GE Capital Aviation Services, Energy Financial Services and Healthcare Equipment Finance. The company says it will record about $16 billion in after-tax charges in the first quarter.

Shares jumped $2.44 to $28.17 in premarket trading, close to a two-year high.

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Parking fines go up for Red Sox game days

Beginning Monday on Opening Day, people who park in resident-only spaces in the neighborhoods around Fenway Park during Red Sox games will have to pay more than double the usual fine.

Mayor Martin J. Walsh yesterday signed an ordinance — passed by the City Council Wednesday — that will pilot increasing the fine from $40 to $100 to discourage game attendees who don't live in those neighborhoods from parking in resident-only zones.

"This ordinance is a great step forward for residents of the Fenway, Kenmore Square and Audubon Circle," said City Councilor Josh Zakim, who sponsored the ordinance. "These changes will help restore the parking balance in the neighborhoods around Fenway Park during some of the busiest months of the year."

The increase in fines will take effect two hours before any Major League game at Fenway Park and extend to two hours after the game. Fines also may be hiked during other Fenway Park events on a case-by-case basis.

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Connector OKs risk adjustment

The state Health Connector board yesterday voted to proceed with an Obamacare provision that small health plans say will move millions of dollars from them to the state's largest insurer based on flawed data.

"We remain very concerned about the impact it will have on the Massachusetts marketplace," said Eric Linzer, vice president of public affairs and operations for the Massachusetts Association of Health Plans. "Our preference would have been for the connector board to delay finalizing those regulations, given the ongoing data integrity issues."

The connector board voted to approve regulations to implement the Affordable Care Act's risk adjustment provision, which would require insurers to pay into a pool that would be distributed among companies based on the overall health of their members.

Smaller insurance companies have lamented that the data used to calculate this is imperfect, and say they will have to pay more, while larger insurers with sicker populations such as Blue Cross Blue Shield will reap the benefits.

The state is required by the federal government to start the process to adopt the risk adjustment provision this year, according to the connector.

But Linzer said state and federal agencies have compromised on other Obama­care issues, such as rating factors, and that the MAHP "would consider this to be in the same bucket."

According to a Blue Cross Blue Shield spokeswoman, "Nearly every major government program uses risk adjustment, including Medicare and Medicaid," and it is "standard practice" in the health care industry.

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Hot Property: Communities the ‘new neighborhoods’

From pet-washing stations and green roofs to bocce courts, yoga studios, fire pits and screening rooms, Boston-area apartment and condo complexes are piling on the amenities.

With studios fetching upward of $2,000 per month and $1 million-plus condos, developers are sweetening the deal — so much so that the complexes are becoming the "new neighborhood," according to Boston Realtor David Bates.

"The new buildings have so many exciting amenities," Bates said. "A lot of them go out of their way to create community, to create that sense of things you get from a neighborhood."

Millennium Partners is exporting its La Vie lifestyle program — exclusive activities and social events for condo residents that have included fireside chats with notable guests and culinary and theatrical events — to its new Millennium Tower project in Boston's Downtown Crossing after success at its nearby Millennium Place.

"It's so hot they copyrighted the whole thing," Bates said. "It really goes over well."

Tenants are looking to connect, whether it's electronically or in person, said Kay Nilakantan, general manager of Van Ness, Samuels & Associates' 172-unit luxury apartment complex in the Fenway neighborhood, where residents will start moving in June 1.

"There seems to be more focus and attention on communal spaces where customers can gather together," Nilakantan said.

But communal spaces these days go far beyond a bland shell of a community room. At the Van Ness, there's a poker area in an alcove and a TV lounge with a billiards table connected to a separate conference room. There's also a rooftop lounge with grills and a fifth-floor green terrace.

"Since we're developing a lot of buildings in one neighborhood, we want each building to have its own personality and be different from each other," said Peter Sougarides, Samuels' executive vice president of development.

The Van Ness' green design and amenities take cues from the Emerald Necklace park system that extends through the Fenway. Thousands of plants will be growing on the "living wall" in the lobby, and the green terrace is almost a half-acre of green space with trees and grass.

Amenities also are geared toward pet owners: a secure "bark park" at Atmark in Cambridge and even an "indoor dog relief area" at 315 on A in Fort Point.

The Merc at Moody & Main, Northland Investment's Waltham apartment complex that started leasing this week, has a dog-bathing room. "We're also arranging for other services we can bring in for pet owners," senior vice president Peter Standish said.

The Merc will include a lounge with a fireplace, a billiards room, a library, a rooftop deck and a club room with a full kitchen that can be used for parties or cooking demonstrations. "One of the important things we like to include is areas where people can gather together and really use that as an extension of their apartment," Standish said.

Developers also up the ante to rival outside fitness centers, with yoga and spinning rooms, and virtual training. "You can have an instructor who's offsite, and they get on the screen and take you through your workout," Bates said. "Some have exercises bikes that connect over the Internet, and you can race your friend in California."

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Latest on Apple Watch release: Shoppers get personal

7:30 a.m. EDT (12:30 p.m. in London)

In London's Covent Garden, a tourist hotspot, a buzz is growing in the Apple flagship store as dozens of fans come to check out the new Apple Watch.

Some crouch over glass counters to play with sample watches, while others who had pre-booked appointments try them on their wrists.

"I've been waiting for this for a long time," says Carl Walsh, a 43-year-old company director. "It's beautifully developed, but I'll probably want to wait a bit and see what people say about the battery life."

The watch is Apple's first new product category since the iPad came out five years ago. Analysts are waiting to see how well the watch will sell beyond devoted Apple fans. Apple has a better chance at succeeding than any other smartwatch maker so far, yet it will likely take time before sales reach the kind of numbers that Apple gets for iPhones and iPads.

Watch prices start at $349, but can go as high as $17,000 for a luxury edition in gold. People can try the watch on in Apple stores, but for now all orders are being handled online. Shipments begin April 24.

Regy Selsaas, 42, is here to see if the watch would make a good gift for his wife.

"It's more like a gadget than a phone," he says, wincing at the high price tag of the luxury version. "It's really beautiful but expensive. I'm not 100 percent convinced."

Jay Carroll, 15, needs no persuading. He and his mother Sarah placed an online order first thing Friday, but the two still wanted to try it out in store.

"I'm looking forward to just having it there on my wrist, so I can be on my phone all the time," he says.

—Sylvia Hui, AP writer

___

5:30 a.m. EDT (6:30 p.m. in Tokyo):

The curious in Japan form a long line in Isetan department store, where a special section was built just for the Apple watch.

The 70-square-meter (750-square-foot) modernist box with black floors and walls is staffed by about a dozen workers clad in black.

Only 20 customers are allowed in at a time, and only those with advance reservations or who showed up early enough to get one of 76 lottery tickets got to try the watch on.

The rest could only look at a display of 19 watches under a glass showcase. They range in price from about 43,000 yen ($360) to 2,800,000 yen ($23,300) for the luxury edition in gold.

— Noriko Kitano, AP writer

___

5 a.m. EDT (5 p.m. in Shanghai):

In central Shanghai, potential Apple watch buyers stand in lines two to five people long over their lunch hour at an Apple store to try on the watch many say they already planned to buy.

"It was beautifully made, like an expensive watch," says Li Hao, 27, a Web designer who owns a Mac, an iPad and an Apple TV. He has just traded up from an iPhone 4 to the new iPhone 6 Plus.

China was among countries where the watch had its global debut Friday, reflecting the country's fast-growing status as one of Apple's most important markets.

Li said he planned to buy the sport version of the watch at about 3,000 yuan ($500).

"I cannot do sports with the mobile phone," he said. "I need a machine to record what I did and a screen to look at."

Qi Tian, 26, who works in human resources for a real estate company, says he is "not a big fan" of Apple, though he owns four or five products. He says he plans to order a watch online that day.

"I just came to see if the size fits," says Qi.

— Fu Ting, AP researcher.

___

3:01 a.m. EDT (12:01 a.m. in Cupertino, California):

Ready, set, go ...

Apple starts taking orders for the watch on its website and Apple Store app. Currently, this is the only way Apple is selling the watch. Even those visiting retail stores will have to order online — either at home or at a Web terminal inside the store.

The retail stores are meant for customers who aren't sure which watch case, band or size they want — or aren't sure they even want one. Staff will be on hand to help customers try on the watches and answer questions before buying. Customers are encouraged to make an appointment online, though walk-ins will be accepted — just expect a wait.

It's available in the U.S. and eight other markets around the world. In the U.S., the watch is available only in Apple stores. In some countries, select department stores and resellers also have it.

— Anick Jesdanun, AP Technology Writer

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CBS News' Bob Schieffer retiring

"Face the Nation" host Bob Schieffer has announced he is retiring, CBS News confirmed on Wednesday, in a move that will open a seat at one of the longest-running programs on television.

The journalist, who has worked in the industry for more than 50 years — 46 of them with CBS — will say goodbye to the newsroom this summer. He made the announcement in Fort Worth at TCU's Schieffer College of Communication, where he was speaking at its annual Schieffer Symposium.

"Bob's been with CBS since 1969… chief Washington correspondent since 1982 … and host of 'Face the Nation' since 1991. That broadcast is in its 60th year and has never been better or more powerful, ranking consistently No. 1 this season," CBS News president David Rhodes said in a statement. "He's been an inspiration and a mentor to so many colleagues — and frankly, to me. You could see at TCU tonight how that inspiration extends to a wider community of reporters and editors and academics … Not to mention the example he sets as a father and husband with his wife Pat and his whole family here and elsewhere."

But, Rhodes continued, "It's not over yet. Bob will be on the air this Sunday from the Washington bureau. And for a number of Sundays to come. We'll have more to report soon about the plans for this important broadcast and for the Washington bureau as a whole. An important 2016 campaign season is beginning. But this is Bob's night, and I hope we can all celebrate with him the remarkable achievement which is his career here at CBS."

Schieffer, who has interviewed every president since Richard Nixon, has been talking retirement for awhile. In January 2008, he said he would step down after the inauguration of a new president. Last November, he interviewed President Obama.

The announcement will inevitably start a round of jockeying for the anchor chair at "Face the Nation." The show is typically the most watched of TV's Sunday public-affairs programs, but ABC's "This Week" with George Stephanopoulos has made strides over the months in attracting younger viewers while NBC's "Meet the Press" has experienced new momentum since Chuck Todd took over hosting duties for that program last year.

© 2015 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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House hears from Boston 2024

House members are worried Boston 2024 is cracking open the door to public financing of the Olympic Games, according to Speaker Robert A. DeLeo, after a behind-the-scenes meeting yesterday with 100-plus lawmakers.

DeLeo appeared taken aback in a brief availability after emerging from the meeting, saying, "They've been talking about the financing of it, and I think a lot of members just feel uncomfortable about that. For many a time period, they talked about no public financing, but then when pushed in terms of what do you mean by that, (they) said, well, things like signage and street signs and stuff like that."

DeLeo said he senses "somewhat of an uneasiness" among his members about what financial contributions the city of Boston and the state would ultimately have to provide.

Boston 2024 CEO Richard Davey said his remarks in the closed-door session were not a departure from what the organization has said all along about public money.

"We told them that we absolutely aren't looking for public funds for the operation of the games or building any venues," Davey said. "There's been no change in our position — we do not want public funds for the operation of the Games, we do not want public funds to build any of the big venues. We do need federal tax dollars for security, however."

Asked about DeLeo's comments about signs, Davey said, "If there's road closure signs, or detour signs, or signs that might indicate there's traffic ahead … I mean, you'll see that signage out, for example, at the marathon in a couple weeks. I think that's what was referenced, but no position change from us in terms of taxpayer dollars."

DeLeo said the meeting was behind closed doors because it was a routine closed caucus of House members, "similar to what the governor held with his members and what the Senate held with theirs." He then stopped taking questions and stepped into an elevator.

Asked why the public was shut out, Davey — whose organization has repeatedly pledged to improve transparency — replied, "You'd have to ask the House."

"It was their preference," Davey said. "I was invited by the speaker and his leadership team to brief them. But we've got a lot of public meetings upcoming and the public is welcome to join in."

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State to streamline Rx medical marijuana pipeline

Medical marijuana companies yesterday welcomed the news that state health officials plan to streamline the way they issue dispensary licenses to prevent delays in treatment for those who qualify for it.

"Anything that can be done to facilitate getting medication to patients is something I'd support," said Dr. James Kurnick, a cancer researcher and CEO of Mass Medicum Corp., which received a provisional license in November to open a dispensary in Taunton and a cultivation site in Holbrook.

Department of Public Health Commissioner Monica Bharel yesterday said the licensing system has been "a confusing, overly lengthy process that has delayed appropriate patients from getting access" to medically needed marijuana — a sentiment Kurnick shares.

Under the new process, dispensaries will be licensed in a format similar to pharmacies and other health care facilities, Bharel said. The process, which will formally launch May 15, will set high safety and suitability standards for dispensaries to meet, particularly when it comes to security and background checks, she added.

"This change will create a more efficient, market-driven licensure process that allows the commonwealth to maintain the highest standards of both public safety and accessibility," Bharel said in a statement.

Herald wire services contributed to this report.

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Asian shares mixed; Hong Kong, Japan benchmarks surge

TOKYO — Asian shares were mixed Thursday, with gains supported by lower oil prices, firmness in U.S. markets and strong buying in Hong Kong by mainland Chinese investors.

KEEPING SCORE: Japan's Nikkei 225 stock index rose 0.6 percent to 19,909.26, tapping fresh 15-year highs as the Japanese yen softened against the U.S. dollar. Hong Kong's Hang Seng index jumped 3.4 percent to 27,136.37, breaching seven-year highs. South Korea's Kospi fell 0.2 percent to 2,054.49, while Australia's S&P ASX/200 slipped 0.4 percent to 5,938.80. Shares in Southeast Asia were mixed, while China's Shanghai Composite fell 1.2 percent to 3,946.74.

HONG KONG: Hong Kong shares rose after mainland Chinese investors bought heavily, pushing the benchmark up 6.3 percent before it lost some ground on profit-taking. Chinese are shifting investments into Hong Kong, which is seen as a bargain following rallies in mainland Chinese markets that have made shares in Shanghai and Shenzhen relatively expensive.

THE QUOTE: "Money came flooding into Hong Kong's stock market Wednesday, and the market took flight, trading at its highest since 2008 and setting record trading volumes," Stephen Innes, senior trader for OANDA Asia Pacific, said in a commentary.

GLOBAL DEALMAKING: Shares were boosted by news that oil company Royal Dutch Shell had agreed to buy BG Group for $69.7 billion in cash and stock. A revival of major acquisitions has yielded almost $1 trillion in deals this year, according to data provider Dealogic. The premiums typically paid in such transactions tend to raise share prices.

WALL STREET: U.S. shares posted modest gains Wednesday as investors awaited company earnings and puzzled over the likely timing of a future interest rate hike, following the release of minutes from the latest meeting of the Federal Reserve. The Standard & Poor's 500 index rose 5.57 points, or 0.3 percent, at 2,081.90. The Dow Jones industrial average was up 27.09 points at 17,902.51.

ENERGY: Oil fell nearly 7 percent on Wednesday, its biggest drop in two months, after the Energy Department reported oil in storage was about triple what analysts had estimated. Benchmark U.S. crude rose 56 cents to $50.98 in electronic trading on the New York Mercantile Exchange. It lost $3.56 to close at $50.42 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, gained 48 cents to $57.17 after falling $3.55 overnight to close at $55.55 in London.

CURRENCIES: The euro was trading at $1.0767 versus $1.07797 on Wednesday. The dollar rose to 120.22 yen from its previous close of 120.15.

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Massachusetts VA clinic, hospital wait times vary widely

BOSTON — In a state that prides itself on access to great health care, wait times at Veterans Affairs hospitals and clinics vary widely, with some facilities in central and western Massachusetts delaying appointments at much higher rates than in the affluent east.

Nearly 9,000 medical appointments at VA facilities in Massachusetts — about 2 percent of the state's total during the six-month period ending in February— failed to meet the department's goal of completing medical appointments within 30 days.

That's better than the national average of 2.8 percent, but nearly half the delays in Massachusetts occurred at only three of the state's 20 facilities, according to government data reviewed by the Associated Press.

The AP analysis of six months of appointment data at 940 VA hospitals and clinics nationwide found that the number of medical appointments delayed 30 to 90 days has stayed flat since Congress began pumping $16.3 billion dollars into the VA system in August. The number of appointments that take longer than 90 days to complete has nearly doubled.

Many of the delay-prone hospitals and clinics are clustered within a few hours' drive of each other in a handful of Southern states, often in areas with a strong military presence, a partly rural population and patient growth that has outpaced the VA's sluggish planning process.

Waits in the Northeast were generally better, but the Central Western Massachusetts VA in Leeds saw nearly double the national rate of delays — about 5.5 percent — for its 48,879 appointments. At the Worcester VA, nearly 6.2 percent of the 20,761 appointments completed there took longer than 30 days.

Dennis Ramstein, spokesman for the Central Western Massachusetts VA, said the agency has hired more medical personnel and has a new director, John Collins, with a health care background in the US Army including as former chief operating officer for the Landstuhl Regional Medical Center in Germany.

Collins, who also receives health care services through the VA, has made lowering wait times a top priority, Ramstein said.

"We're working to get the veterans into their appointments in a more timely manner," Ramstein said. "It's a work in progress and definitely moving forward."

One of the top performing clinics in the state was the VA clinic on Causeway Street in Boston. Of the 24,041 completed appointments during the six-month period, all but 74 — about 0.3 percent — were completed within the 30-day window.

The busiest facility in the state, the VA hospital in Boston's Jamaica Plain neighborhood, had one of the better timeliness records in Massachusetts. Of the more than 112,000 appointments made during the six-month period, just 1 percent took longer than 30 days.

The highest percentage of patients that had to wait longer than 30 days occurred at the VA clinic in Plymouth. Of the 1,300 appointments completed there during the six-month period, 128 — or 9.8 percent — took more than 30 days.

Gov. Charlie Baker, a former CEO of Harvard Pilgrim Health Care, said Massachusetts is ready to help the VA further reduce wait times by incorporating the state's private health care providers into the system where needed.

"Massachusetts is way past where many other states are in terms of making private providers available to veterans in situations where they either have expertise that's not available through the VA ... or they have waiting time issues that they want to address," Baker said.

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